Section 26: Facility of Foreign Currency

1) An industry with foreign investment may, on the recommendation of the foreign investment approving body and with the approval of the Nepal Rastra Bank, obtain the foreign exchange facility for such amount as may be required for the following purposes:

(a) To pay such remuneration as may be payable to any foreign expert, technical or managerial employee employed in the industry in accordance with Section 27,

(b) To pay the principal or interest of any bonds or debentures issued in accordance with sub-section (1) of Section 11,

(c) To repatriate the foreign investment or income earned in accordance with Section 20.

2) After obtaining approval from the Nepal Rastra Bank in accordance with sub-section (1), an industry with foreign investment may pay or use such amount as approved from the foreign currency held in the account of such industry as referred to in Section 25.

3) Any foreign expert, technical or managerial employee employed in an industry in accordance with Section 27 may repatriate to his or her country in convertible foreign currency such amount of savings out of the remuneration receivable by him or her after paying income tax in Nepal in accordance with the prevailing law.

4) The exchange or repatriation of convertible foreign currency in accordance with sub-section (2) or (3) shall be made according to the open market exchange rate.